Image via Sierra Vista Mall Facebook page
Written by David Castellon
For the second time in five years, Sierra Vista Mall in Clovis has been sold.
The 500,000 square feet of gross leasable retail space southeast of Shaw and Clovis avenues was sold for $41 million to Mason Asset Management and Namdar Group, one of the largest private mall operators in the country, according to a press release issued by Newmark Knight Frank, a New York-based real estate advisory service.
Executive Managing Director Thomas Dobrowski, of NKF’s Capital Markets Group, who represented the seller — the name of which he didn’t disclose — stated in the release that “The Sierra Vista Mall is a true hybrid enclosed and open-air center with a varied mix of tenants and uses. The combination of uses has led to the continually improving performance of the mall over the past several years, which is contrary to the mall narrative in the market today.”
Originally built in 1988 and renovated in 2005, Sierra Vista Mall is an upscale suburban shopping center with anchor stores that include Kohl’s, Target and Sears, along with the Sierra Vista Cinema 16 movie theater.
It isn’t specified in the release if all of the anchor stores are included in the sale or if any are separately owned.
This latest sale is the second time Sierra Vista has been sold in recent years. Back in early 2015, it sold in a foreclosure auction for $39 million after reportedly accruing debts totaling more than two times that amount and having troubles filling vacant spaces.